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Dec 22, 2012
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they see taxes as a fundamental bedrock issue of what it means to be a republican. and if they give that up, they raise taxes, they lose a fundamental part of their identity as a party, then they weigh that against the economic damages that we hear about if we have a messy fight over the debt limit. those are the tradeoffs that leaders are making and where they come down depends on what they hear from their constituents. >> well, to be continued the day after christmas. we'll see what happens. thanks a lot, attorney. have a good weekend, washington bureau chief darren still ahead, our friday market monitor guest is looking beyond the fiscal cliff and he sees stocks moving higher in the new year. he's richard steinberg of steinberg global. >> susie: fiscal cliff fears, scared off investors today. stocks fell sharply, as those cliff negotiations broke down. all the major averages were down by about 1%. by the close, the dow tumbled 121 points, the nasdaq lost almost 30, and the s&p 500 was down 14 points. with just five trading days left this year, investors are begin
they see taxes as a fundamental bedrock issue of what it means to be a republican. and if they give that up, they raise taxes, they lose a fundamental part of their identity as a party, then they weigh that against the economic damages that we hear about if we have a messy fight over the debt limit. those are the tradeoffs that leaders are making and where they come down depends on what they hear from their constituents. >> well, to be continued the day after christmas. we'll see what...
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Dec 25, 2012
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they've traditionally been tax- exempt. if that changes, they could become less attractive as an investment vehicle, and end up raising borrowing costs for states and municipalities. >> it would effectively increase the cost of issuing debt to state and local governments, and it's a real consideration at a time when states and local governments are still in repair mode. >> reporter: while some states have built up rainy day funds, credit rating analysts at s&p say for the first time since the start of the financial crisis, the health of the overall u.s. economy has become the biggest concern for state economies. with state budgets already constrained, deeper cuts from the federal government could leave them in a pickle. after all, unlike the federal government, states are required to balance their budgets every year. ruben ramirez, nbr, washington. >> susie: still ahead, there's more to holiday spending than electronics and apparel. we'll look at one holiday decorating business. >> susie: 'tis the season for procrastinators
they've traditionally been tax- exempt. if that changes, they could become less attractive as an investment vehicle, and end up raising borrowing costs for states and municipalities. >> it would effectively increase the cost of issuing debt to state and local governments, and it's a real consideration at a time when states and local governments are still in repair mode. >> reporter: while some states have built up rainy day funds, credit rating analysts at s&p say for the first...
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Dec 28, 2012
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this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the first half of 2013. i think still there's a 51% chance, if you ask me, that we avert the cliff but those are uncomfortablably low chances of success. >> we have seen some progress in the economy, in the housing sector, in the auto sector, in the job market. if we do go over the cliff, what happens to the progress that has been made in those sectors? and consumer spending spending d confidence as well? >> well, what i would most likely anticip
this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making...
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Dec 27, 2012
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than that i'm just worried about policy mistakes and the biggest ones for me would be if they let a tax increase be across the board for everybody and, in the energy area, if take really come down hard on fracking which has been a very important asset for our country. >> all right, sorry we have to leave it there. an interesting conversation. thank you very much wane. best wishes for the new your. wayne kufman of john thoma fiancial thanks a lot >> susie: the fiscal cliff isn't the only drama playing out for the u.s. economy: there's also the "container cliff". 14 ports along the u.s. east and gulf coasts are at risk of closing if longshoremen and the international maritime alliance cannot reach a deal by saturday. federal mediators have been called in to help with last minute negotiations. at the heart of the dispute: container royalties. those fees charged to shippers were implemented in the 1960s to help dock workers displaced by technology. the maritime alliance wants the royalties capped. earlier this month a port strike in southern california, cost an estimated $1 billion a day. n
than that i'm just worried about policy mistakes and the biggest ones for me would be if they let a tax increase be across the board for everybody and, in the energy area, if take really come down hard on fracking which has been a very important asset for our country. >> all right, sorry we have to leave it there. an interesting conversation. thank you very much wane. best wishes for the new your. wayne kufman of john thoma fiancial thanks a lot >> susie: the fiscal cliff isn't the...
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Dec 29, 2012
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thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better
thpresident declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will...